Billionaire Saudi prince to invest about $800 million in Egypt

REUTERS

CAIRO (Reuters) – Saudi Arabia’s Prince Alwaleed bin Talal will invest about $800 million (612.70 million pounds) to expand the Four Seasons resort in Sharm el-Sheikh, in partnership with Talaat Moustafa Holding Group, Egypt’s Investment Minister Sahar Nasr said on Monday.
Billionaire Alwaleed’s investment will also include establishing two new hotels in al-Alamein, a town on Egypt’s Mediterranean coast, and Madinaty, a residential compound east of Cairo, Nasr said in a statement.
Alwaleed owns about 40 hotels and resorts in Egypt, in addition to 18 others that are still under construction.
In June, Egypt passed a long-delayed investment law that aims to make doing business there easier and lure back investors after years of turmoil following a political uprising in 2011.
Egypt floated its pound currency in November and is making economic reforms under a three-year $12 billion International Monetary Fund programme in an effort to restore capital flows after the uprising drove away investors and tourists.